The mining market size is expected to see strong growth in the next few years. It will grow to $2825.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to a rise in infrastructure development, increasing merger and acquisition activities, the growing implementation of autonomous equipment, and increased construction activities, which will drive market growth. Key trends in the forecast period include a focus on the use of lidar (light detection and ranging), drone technology, product innovations, the launch of digital twins, the use of 3D mine visualizers, battery-driven mining machinery and equipment, technological advancements, automated mining machinery, and an increase in the use of telematics.
Governments worldwide are actively providing subsidies and encouraging foreign direct investments (FDI) in the mining industry. This support encompasses various forms, including investments from public finance institutions such as bilateral development banks and export credit agencies, fiscal support through budget allocations and tax exemptions, and investments via majority state-owned mining and utility companies. An illustrative example is the Ministry of Mines in the Government of India, which, in 2021, enacted the Mines and Minerals Amendment Act 2021 and published The Mineral Conservation and Development Rules to foster the growth of the mining industry in India. Such government policies are expected to remain instrumental in supporting the mining market's growth.
The mining market is anticipated to experience growth propelled by an increasing demand for minerals and metals. Minerals, as naturally occurring substances with unique properties, and metals, such as gold, silver, and copper, are essential for various industries such as construction, electronics, automotive, and renewable energy. Notably, in May 2023, Natural Resource Canada reported that the 2021 value of Canadian mineral production reached $55.5 billion, reflecting a 20% increase from the $46.4 billion value in 2020. The rising demand for minerals and metals is a key driver for the mining market.
The adoption of renewable energy sources is aiding mining companies in reducing power costs and controlling emissions. Utilizing solar or wind projects near mine sites proves economical and environmentally friendly. Leading mining companies such as BHP and Rio Tinto have embraced renewable energy initiatives, with Rio Tinto, for instance, targeting 10% of its 20MW – 25MW power demand from renewable sources, aiming to reduce diesel usage and CO2 emissions significantly. The incorporation of renewable energy, including solar thermal, solar PV, and wind energy, is contributing to sustainable mining practices.
Major players in the mining market are actively pursuing strategic partnerships to drive revenues and promote innovation. Collaborations between mining companies, equipment manufacturers, and technology firms aim to enhance efficiency and sustainability. In May 2023, Gradiant Corporation partnered with Schlumberger NV and Rio Tinto Group to advance productivity and sustainability in the mining industry. This interdisciplinary partnership focuses on leveraging data-driven solutions and innovation to propel mining sustainability forward, demonstrating the industry's commitment to responsible practices.
Major companies operating in the mining market report are BHP Group Limited, Rio Tinto Group, Glencore PLC, Vale S.A., China Shenhua Energy Company Limited, Anglo American PLC, China Coal Energy Company Limited, Jiangxi Copper Corporation Limited, Yankuang Energy Group Company Limited, Zijin Mining Group Company Limited, National Mineral Development Corporation, Vedanta, Hindustan ZInc., Hindalco Industries, Bharat Aluminium Company, Rajasthan State Mines And Minerals, Gujarat Mineral Development Corporation, Fortescue Metals, Newcrest Mining, South32, Evolution Mining, China Northern Rare Earth Group High-Tech Co Ltd., Shaanxi Coal And Chemical Industry Group Co Ltd., China Molybdenum Co Ltd., Shandong Gold Mining Co Ltd., Nyrstar Stolberg Gmbh, Voerde Aluminium Gmbh, Thyssen Schachtbau Holding Gmbh, Imerys Metalcasting Germany Gmbh, ENGINEERING DOBERSEK Gmbh, Barbara Rohstoffbetriebe Gmbh, Fastner & Co, Eramet, Manoir Industries, Terreal Marketing, Eurasia Mining, Petropavlovsk, Kaz Minerals, Hochschild Mining, Węglokok, Silesian-American Corporation, Kompania Węglowa, KGHM Polska Miedź, Jastrzębska Spółka Węglowa, Alrosa, Nordgold, Polymetal International, Zarechnaya, ARMZ Uranium Holding, Stoilensky GOK, Vorkutaugol, Yakutugol, Ural Mining And Metallurgical Company, Freeport Mcmoran, Newmont Mining, Peabody Energy, Southern Copper.Nutrien (NTR), Teck Resources, Barrick Gold (ABX), First Quantum Minerals (FM), Agnico Eagle Mines (AEM), Kinross Gold Corp, Lundin Mining (LUN), Yamana Gold, B2Gold, Hudbay Minerals, CSN Mineração, Veladero Mine, Gualcamayo Mine, Drummond Ltd., Carbomax De Colombia SAS, Shefa Gems, OREN MODEL GAN Ltd., ARAVA Mines Ltd., Quarry Mining LLC, Centamin, AIMR Mining, African Rainbow Minerals, Metal Manufacturing Nigeria Limited, Sibanye-Stillwater, Silika Mining, Wesizwe Platinum.
Asia-Pacific was the largest region in the mining market in 2023. North America was the second largest region in the mining market. The regions covered in the mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the mining market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The mining market consists of sales of minerals, metals and other valuable materials such as sand and gravel, coal and stone extracted from the earth crust. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The main types of mining encompass mining support activities, general minerals, stones, copper, nickel, lead, zInc., metal ore, coal, lignite, and anthracite. General minerals include the mining of construction sand and gravel, industrial sand, kaolin and ball clay, clay and ceramic and refractory minerals, potash, soda, and borate minerals, phosphate rock, or other chemical and fertilizer minerals. Various processes are employed in mining, including underground mining and surface mining. Different service providers in the mining industry include independent contractors and companies.
The mining market research report is one of a series of new reports that provides mining market statistics, including mining industry global market size, regional shares, competitors with a mining market share, detailed mining market segments, market trends, and opportunities, and any further data you may need to thrive in the mining industry. This mining market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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Table of Contents
Executive Summary
Mining Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on mining market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for mining? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Mining Support Activities; General Minerals; Stones; Copper, Nickel, Lead, and Zinc; Metal Ore; Coal, Lignite and Anthracite
2) By Process: Underground Mining; Surface Mining
3) By Service Provider: Independent Contractors; Companies
Sub segments: Coal Mining Support Activities; Metal Mining Support Activities; Non-Metallic Minerals Mining Support Activities; Potash; Salt; Magnesite; Sulfur; Kaolin; Asbestos; Feldspar; Boron, Gypsum; Talc; Graphite; Baryte; Bentonite; Diatomite; Lithium; Selenium; Perlite; Vermiculite; Arsenic; Diamond; Other General Minerals; Dimension Stones; Crushed Stones; Nickel, Lead and Zinc: Copper; Nickel; Lead and Zinc; Gold Ore; Iron Ore; Silver Ore; Uranium Ore; Vanadium Ore; All Other Metal Ores; Lignite and Anthracite: Coal; Lignite; Anthracite
Key Companies Mentioned: BHP Group Limited; Rio Tinto Group; Glencore plc; Vale S.A.; China Shenhua Energy Company Limited
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BHP Group Limited
- Rio Tinto Group
- Glencore plc
- Vale S.A.
- China Shenhua Energy Company Limited
- Anglo American Plc
- China Coal Energy Company Limited
- Jiangxi Copper Corporation Limited
- Yankuang Energy Group Company Limited
- Zijin Mining Group Company Limited
- National Mineral Development Corporation
- Vedanta
- Hindustan Zinc
- Hindalco Industries
- Bharat Aluminium Company
- Rajasthan State Mines And Minerals
- Gujarat Mineral Development Corporation
- Fortescue Metals
- Newcrest Mining
- South32
- Evolution Mining
- China Northern Rare Earth Group High-Tech Co Ltd
- Shaanxi Coal And Chemical Industry Group Co Ltd
- China Molybdenum Co Ltd
- Shandong Gold Mining Co Ltd
- Nyrstar Stolberg Gmbh
- Voerde Aluminium Gmbh
- Thyssen Schachtbau Holding Gmbh
- Imerys Metalcasting Germany Gmbh
- ENGINEERING DOBERSEK Gmbh
- Barbara Rohstoffbetriebe Gmbh
- Fastner & Co
- Eramet
- Manoir Industries
- Terreal Marketing
- Eurasia Mining
- Petropavlovsk
- Kaz Minerals
- Hochschild Mining
- Węglokok
- Silesian-American Corporation
- Kompania Węglowa
- KGHM Polska Miedź
- Jastrzębska Spółka Węglowa
- Alrosa
- Nordgold
- Polymetal International
- Zarechnaya
- ARMZ Uranium Holding
- Stoilensky GOK
- Vorkutaugol
- Yakutugol
- Ural Mining And Metallurgical Company
- Freeport Mcmoran
- Newmont Mining
- Peabody Energy
- Southern Copper.Nutrien (NTR)
- Teck Resources
- Barrick Gold (ABX)
- First Quantum Minerals (FM)
- Agnico Eagle Mines (AEM)
- Kinross Gold Corp
- Lundin Mining (LUN)
- Yamana Gold
- B2Gold
- Hudbay Minerals
- CSN Mineração
- Veladero Mine
- Gualcamayo Mine
- Drummond Ltd
- Carbomax De Colombia SAS
- Shefa Gems
- OREN MODEL GAN LTD
- ARAVA Mines Ltd
- Quarry Mining LLC
- Centamin
- AIMR Mining
- African Rainbow Minerals
- Metal Manufacturing Nigeria Limited
- Sibanye-Stillwater
- Silika Mining
- Wesizwe Platinum
Methodology
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